tv Varney Company FOX Business November 21, 2013 9:20am-11:01am EST
♪ >> what is worse than obamacare? the economy. good morning, everyone, that is the headline in the wall street journal article from a sharp-edged obama critic, dan henninger. no jobs, stimulus failure, no return to prosperity. minority unemployment. failed green energy. henninger spells it out and the president, he says, has locked down the economy and that's the worst thing he's done. wait, there's a new and
disastrous headline on obamacare, 50 to 100 million cancellation letters will go out next year to people with health plans from their employer. that is the shocking projection from the american enterprise institute. the economy a mess, obamacare a rolling collapse, this presidency in disarray. "varney & company" is about to begin. ♪ ♪ ♪ ♪ [ res screech ] chewley's finds itself in a sticky situation today after recalling its new gum. [ male announcer ] stick it to the market before you get stuck. get the most extensive charting wherever you are wi the mobile trader app from tameritrade.
>> it's a story we can't avoid. the obamacare train wreck, every day we get a new disaster headline from the president's signature law. here is the first one out today. according to the american enterprise institute a second wave of health insurance cancellations on its way. this time, 50 to 100 million people who get their plan from their employer, that's you, could lose their plan before the elections next year and then this, if you want your canceled plan back, it will cost you. blue cross/blue shield, north carolina will let you back on your old plan, but rates will rise up to 24%. another hit, what happened to
in you like your doctor, you can keep your doctor. this from "the washington post" today. more and more insurers are restricting your choice of doctors and hospitals to keep costs down. those are the headlines this morning. as for that failing website, just a week before launch, an e-mail chain reveals that white house officials were worried that the website would crash, wouldn't work. but the focus was not on you, the e-mails were worrying about the media's response. the economy, obamacare, yeah, we've got it all and this, too. check out these pictures. microsoft getting nasty with google, offering products like this on its on-line store. microsoft's in attack mode. and here is the logo, the google logo, it says keep calm while we steal your data, on the back, don't get scroogled. in a moment we'll show you the market as it opens, up 40
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harshest critics, what is the end-game? we want to know. bring in the cow jacket man, please. scott shellady, there he is, all right. today in the wall street journal big headline, dan henninger, the economy is worse than obamacare, what say you? >> i say it's close to the truth. we can't ignore the numbers, we had an okay jobs number on bad participation rate and suddenly the economy is okay. we've got 7.3 unemployment and 48 million americans on food stamps. i'd like to see where the fed thinks things are better. we could get things worse and could see the taper pushed off to the end of december next year not march of this year. stuart: i think we're in a new normal period and i don't think many people are happy with it. scott, thanks indeed. and i want to say, what's worse than obamacare? the economy, says dan henninger. liz macdonald is with me and so is market watcher robinson.
what's worse than obamacare and the economy? what say you? >> the economy and what's happening is dan henninger is reporting in the wall street journal that it's a threat to national recovery and punching below its weight and growth coming in 1.7%, had an of of what india's global investment product rate is coming in. after a collapse, 4.7%, stuart. stuart: michael, you're our new market watcher by the way. henninger's headline, what's worse than obamacare, the headline. what say you? >> well, the economy is a slow-growing economy, one of the weakest recoveries we've had after recession. that's one of the things i like about tech, stuart. tech companies throw up a lot of cash and i began telling people in 2009, whatever you do get into technology. the road to wealth in america
is paved with high-tech and everybody should be in something today. stuart: and we'll get more in a moment. all i hear are tech bubbles. we'll be back in a second. the market has opened higher, 15,937. we're up 36 points in the first one minute of trading. and let's get some individual stocks. first one is a big loser, it is target. disappointing sales, lower forecast, how bad? . nicole: over in canada and talk about the fact that people are paying higher taxes and concerns about jobs and unemployment. down 3.6 of%. stuart: not good. it's a big company and a big loss. abercrombie, where is that? >> the fickle teens are not hitting abercrombie, not lately. you're seeing it down 1.8% for abercrombie. stuart: that's another retailer taking it on the chin first thing in the morning. all right. we do have strong profits at green mountain. where is that today? >> here is a caffeine jolt and this is because actually they're working on licensing some agreements that they have been working on.
they were-- are in licensed and going to be licensing them, that's good news, up 11% for green mountain coffee roasters. >> a lot of people are happy with a 11% gain. all right, thanks, nicole. a couple of other stocks i want to check for you. there are reports that say yahoo! that big shared buyback that we announced yesterday might be setting up a big purchase by yahoo!. pin tress, snap chat, buzz for example, potential takeover targets for yahoo!. look at the stock go, up another 2% this morning. amazon not waiting for black friday. oh, no, deals start sunday. amazon will release deals every ten minutes all week, the market likes it a bit. up nearly 2 bucks at 364, that's a rally. earlier this week we heard market watch and barron's talking about a tech bubble. back to you, michael robinson. i take it from what you've said so far, you do not think this is a bubble in the technology sector?
>> absolutely not. there are just no numbers to bear this out. i've gone through extensively the last couple of days the numbers are not there. we're not in a tech bubble. tech is healthy and it's a good time to be there. stuart: the actual stock price is way above their earnings. companies like amazon and i could go through a whole list of them. they've all gone straight up. you don't think they're getting just a little toppy. would you put money into an amazon, for example? >> depends on the investor. i like amazon a lot these days and i think there's potential for enormous earnings. bezos has been spending a lot of time and money for the franchise and look at something that you just said about earnings and price. so, i look at forward earnings because in technology we're looking at growth and we want to know what we're paying for next year's earnings and if you look at what the nasdaq is priced at, it's trading at roughly 18 times forward earnings, but the dowel
industrials are trading at 18.5 forward earnings. we're not seeing a gap at all for the price of tech as a sector and the overall market. off the bat it tells me there's no bubble. stuart: i have a lot of people say to me i've got pension money, a 401(k). where do i put it? if i asked you that question you'd be perfectly happy putting more money into technology companies, right? >> absolutely. in fact, i think you're missing the cosmic iq test if you're not in some kind of a tech investment right now. foundational, going with a slow and steady growth, big cap company like apple or a.t.f. mid caps, i'd do a little of everything, but you should be in technology absolutely. stuart: it's the winner. it's all american and leading the world. that's correct. go, last word. >> well, you talk about slow economic growth. again, technology is perfect for that. they throw up a lot of cash and one of the reasons why some tech stocks have done so well. if you can make high growth
margins in a slow-growing economy like today theys that's a well-run company. stuart: michael, we like your style, good stuff, liz, go liz: the reason that the u.s. is so far behind in economic growth is because of d.c. policies, including obamacare. that's the footnote to our prior discussion. it's the d.c. policies that are acting like a lead blanket on the u.s. economy. that's what the oecd is finding and i think michael is right that technology being a winner because of the cash pouring into it. stuart: liz, listen to this one liz: okay. stuart: snap chat, that's the app where your messages disappear after a few seconds. the ceo says that 70% of its users are women. 70%. and what, okay, why would that be? can there be any explanation for that whatsoever? >> yes, academic studies show that menus the internet, but women use the internet and applications for different reasons. women connect more with these
applications, they like to connect more by sharing photos, so, wow, this is a big number that's a majority are women for snap chat and women tend to be-- hold the purchasing power and decisions in households. this is a big deal for a company like snap chat going public. stuart: do women like the picture coming up to disappear in ten? >> you can keep them for 24 hours, do they like the instant mission impossible self-destruction apps? clearly. that's what's going on with snap chat. wow, big numbers and approaching popularity like twitter. stuart: that's a good explanation liz: seriously. stuart: now we're going to capitol hill, the congressman, a republican from louisiana is with us. every day we're here with disastrous headlines on obamacare and yesterday on this program senator johnnie isaacson said it would be repealed. what is the end-game, is it full repeal?
if it is, when do we see it? >> well, stuart it is the end game because that's the way you can get back to the health care center, where the patients are making their decisions not the federal bureaucrats and irs agents. and the president doubled down on it and they're getting pummelled because people just don't trust what they've said and people are losing their health plans. stuart: congressman, how do we get there. if you repeal it would be a vote in congress and any vote in congress would surely be hit with a veto by the president. >> there can, there will be pressure mounting in the senate and in the meantime we've got to continue to hold this administration responsible for the broken promises. there's a better way. i'm the chairman, over a hundred bill sponsors now and we need an agreement from the president that while the law is not working we need to suspend the penalty and when the president is going to put a
fine on americans if they don't buy the product and the website doesn't work. secretary sebelius yesterday was looking at the website and it went down again. it happens every day. they shouldn't be fining people if they can't buy this government-approved health care. suspend the fine while they work on it. stuart: i want to nail this down. one year from today, will obamacare, the affordable care act, will it still be the law of the land? >> i can't predict that right now. i can predict a lot of the people that helped pass the law will be repealed by the voters next year and you'll look at senator landrieu in louisiana, she's trying to run away from it she knew what it would do to families. >> and there were reports a year ago, 60% of families would lose health care and they ran around and said if you like it you can keep it and they knew that promise would be broken. stuart: thank you for joining us. a busy day for everybody and appreciate you taking the time out to be with "varney &
company." >> thank you,stuart. stuart: check the big board, modest rally up 56 points. we are at 15,956. okay. and then we have medicaid. it gives low income people free healthcare, got it. your tax dollars pay for it. the question for john stossel who is coming up, is that charity? is medicaid charity? am i being charitable by paying my taxes? is that really charity? john stossel is next. ♪ (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading.
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this morning. the price of gold this morning, anywhere near 1300? no, it's down $18 an ounce at 1240 and then we have game stop, the profits disappoint and the stock is down. this is a stock that was put on our death watch list some time ago, maybe we got it right. that's an ugly forecast, but it's down 8% today. an ipo opens today. evogene. it's a genertically modified seed manufacturer. and 'tis the season for giving, when you write the check for charity, consider this, the medicaid program. isn't that charity? it gives free health care to the poor. begs the question, when you write out your check to pay your taxes, are you actually being charitable at the same time?
an interesting question. and john stossel will answer it. >> i'll answer it, but no, that's not charity. you're forced to pay taxes. charity is voluntary. so, wait a minute my money goes directly to poor people so they've got health care. isn't that a charitable act? >> that's like politicians saying they're being charitable with other people's money. no. charity is when you choose to commit an act of charity. government is forced, very different. stuart: okay, so i write a check to charity, hand it over, and then i get a tax deduction for the money that i've given to charity, right? . is it still charity? >> yeah because you chose to do it. stuart: so it's not charity if the government forces you to pay, but it is charity if you voluntarily give it, but also get a tax break at the same time? >> yes.
[laughter] it's difficult for you. stuart: well, i know that it's a subject of your show tonight and i'm trying to get to grips with it. what are you saying about charity. >> we'll talk about where it's good to give and not good to give and to me, an interesting point about business people is like ted turner gave millions to the u.n. and called warren buffett cheap because he wasn't giving to charity at the time. since then, more entrepreneurs have given to charity and warren buffett says when he dies he'll give it to gates' charity. and i would argue that gates does more for the world by growing his business and investing well and they don't do a good service if they give money to charities which may squander it. i think in terms of squandering money you've got the worst government and then charity the most efficient. michael millkin did more for
the world than mother teresa, and maybe he went to jail, but he created junk bonds. stuart: what it sounds to a lot of people, it sounds like you've got to be mean, keep it, make it and keep it and that's the best thing to do. the definition of meanness, isn't it? >> maybe in our case because we're not going to create products and jobs if we keep reinvesting our money in, what, more television? but somebody who-- most businesses create real wealth. that's serving, that's not mean, that's serving people. stuart: so michael milkin does more for people than mother teresa. >> he keeps giving. the jobs exist. mother teresa inspired more, but michael milkin did more. stuart: you libertarians. >> we're brilliant, we're right about everything. [laughter] >> you always come at it from
a totally different point of view. >> a rational one. stuart: okay, but you redefine a lot of the subjects which we talk about on a daily basis. >> and it will be a jungle gym for your brain. stuart: what time is it on tonight? >> on at 9:00. stuart: am i right to say on occasion to say that more people watch you than me? >> yes, i think it's true. wonderful. stuart: because you occasionally appear on this program and i donate my audience to you? >> that must be it. stuart: what time again? 9:00? >> 9:00. stuart: are you sure? >> positive. repeats at midnight. stuart: does it? >> it does. stuart: that i didn't know. >> okay. stuart: i learned. i'm not up at 9:00 either. john stossel everybody, it's a great show and he's on tonight. thank you very much indeed, sir. on my appearance on "imus in the morning" earlier today, i promised to devote a section of today's show on my new iphone. so, as promised, my take will
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>> big name you know, a retailer. daltrey. sales and forecast dispoint, down it goes 5%. obamacare, dependent on young people to sign up. they are not signing up. are young people abandoning the president? will they still vote for democrats? the author of obama zombies is here in a moment. plus, mcdonald's, is that the new target for the left? i think it is. it's now being criticized for some advice it's giving to employees on saving money and relieving stress. we listen to our viewers, we know you're fed up with the fed. we know you've had it up to here with obamacare, so, yes, we hear you. so here is my take on my new iphone. i had it-- it's a 4s. had it for six days. it replaced my blackberry, it
has been a struggle. for years, i've been very happy blackberry guy. i learned how to text and e-mail almost as fast as my 17-year-old daughter and she's fastment i love that blackberry keyboard and that's all i want, text and e-mail. i don't need a weather forecast or a map or a restaurant menu. but you can't always stay with the one you love. when the time came to replace the blackberry it was politely suggested i get with the time and go for a cool iphone. the last six days have not been fun. they have been exasperating, infuriating. occasionally embarrassing. maybe my thumbs are too fat, maybe i am indeed a slow learner. i'm sure many of you have gone through this difficult transition from the blackberry you're used to to the smart phone you are supposed to love. well, wait a minute, i have some advice. on my iphone screen there's a little icon that looks like a microsoft, touch it and opened
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stuart: the economy, a mess. obamacare, a rolling collapse. this presidency, in disarray. that is the state of play this thursday, november 21st, as our second hour moves forward. jason mattera, do the youth vote still lean left? libertarian mat welch on the new poll that spells out your new and growing opposition to big government. a top executive from best buy tells us how he will beat amazon. there's a tough job for you. the europeans hate this genetically-modified seeds, but we have the ceo of a gm company that goes public today. and chief -- the top guy in the senate, senator reid -- no, no, no, wait a minute, hold on.
i read it wrong. listen to this. chief red-tipped arrow, he is with us. guess what? on his tribal land, fracking is just fine. now roll the an haitian mission. -- animation. ♪ ♪ stuart: to the big story with charles payne. what is worse, obamacare or the economy? >> without a doubt, it's obamacare. yeah. listen, the economy is struggling, it's chugging along, but i think we've got to remind ourselves this is the most impressive economy ever constructed in the history of mankind -- stuart: not now, it's not. >> you don't, you don't defeat a 16, $17 trillion economy overnight. even if the president wants to. even if that's been his goal and as not happened. he's hurt it, but he has not destroyed it, and we do not sink into the atlantic overnight. it is an incredible machine.
some kid is in a garage making a device that will revolutioningize our lives in five years, tsa what america's all about. stuart: so you say obamacare -- >> it threatens all the things i just talked about. stuart: you say obamacare is worse than the president's performance on the economy. you're going directly opposite to what dan henninger says in the wall street journal today. >> i think obamacare is a bigger threat than so far all the other things the president has tried to do because, guess what? he's gotten this through. a lot of his wishes and dreams for our utopian society have been blocked. in the has gone through, ask it's in effect. it's not in effect greatly, but it's in effect. stuart: the senate banking committee is about to rote on janet -- vote on yellen. >> she's in, she's going to follow the script. stuart: 66 points higher, that's where we are. 15- -- 15,967, that's where we are now. still with charles.
we'll cover the daily musings of the fed, okay? but we've talked a lot recently about a tech bubble. are you, are you saying it is a tech bubble, or are you saying, no, none of the sort? >> you know, i think one of the problems with the bubble talk is depends on where people start. a lot of people saying in the last year, this year, you know, go back, go all the way back, do a 15-year chart, see where tech really is. you own microsoft, i don't think you think microsoft's in a bubble. there are some stocks -- stuart: i wish. [laughter] >> but there are some spaces that get ahead of themselves, there's absolutely no doubt about that. but i think the biggest bubble right now is talk of a bubble. stuart: okay. fair point. let's go to any coal, a tech stock, yahoo!, it's added $5 billion to its share buyback program. does that mean it wants to buy another company using maybe its stock as collateral there? >> reporter: that's right. stuart: there's talk about pinterest or snap fish.
>> reporter: all of those things. the high on yahoo! today dates back to 2006 when you chart it, so really up over 80. you talked about billions of dollars, extending that buyback over about five billion. and the possibility of acquisitions. and don't forget they've taken alibaba baa. stuart: it's not really the same yahoo!, is it? it's taking on a different character really. if it acquires companies like this, it's a different type of company -- >> reporter: it's almost like varney with an iphone. [laughter] stuart: thank you very much, indeed. obamacare, we're going to get to it, you know? it's on the show every single day, isn't it? it's a rolling collapse, in my opinion. it's failing young people. however, the program just can't sustain itself if young people, healthy people don't enroll. here's what one guest told us yesterday. >> what you need is a good cross-section of healthy people to want to get into this. what we're finding in the early
enrollment which is being driven largely by the problematic health care web sites is that these really are likely -- they're definitely older, they're almost certainly sicker people. we've got to get past just the sick people and get the healthy people covered. stuart: so young people, they're not enrolling for obamacare, and many of them are being kicked off the plan they have now and that they presumably like. jason mattera is with us. jason, if young people get hurt by obamacare, does that mean they're going to start voting right as opposed to always left? what do you think? >> well, the opportunity is certainly there, stuart. in fact, the latest quinnipiac poll shows that a majority of young people under the age of 35 disapprove of the president, and a majority of them also oppose obamacare. sothere wasn't a -- if there wasn't a more op to por tune time to go ahead and describe the failures of big government because it is directly hurting their wallets and their
pocketbooks and they see the incompetency of an administration that can't even get a web site right in 2013, then i don't know when you're going to have another opportunity like this. it's there if republicans take advantage of it. stuart: but that is one huge switch, isn't it? if you're now telling me a majority of people 35 and under do not like obamacare and don't support the president, that is a total reversal there what we saw, well, three or four months ago. >> well, it certainly is. remember, barack obama sold the health care law as compassionate. it was the right thing to do to get people who didn't have insurance insurance and cover pre-existing conditions and so on and so forth. and now what young people are seeing, like most americans, that this health care law is making people equally miserable. it's no longer theoretical, it's tangible. this is right many front of them. they're being forced to coffer all these required benefits in order to spread the risk around.
they're realizing this is just one redistribution scheme that they're going to have to throw their money in, and they're on the wrong end of receiving it. they're giving, and they're not receiving anything tangible in return, just higher costs. stuart: okay. now, i want to sum this up. you really do see a sea change in the voting patterns of young people in america because of obamacare? you're going to go that far? >> i say the constellation is there. there's a mosaic that ising with painted right now -- that is being painted right now where republican candidates could seize the opportunity and say, listen, this is no longer a theoretical conversation on a college campus whether we're talking about liberal versus conservative ideas. you're seeing up close and personal how these big government ideas do not work. if a 13-year-old in his basement on his ipad can start a web site and yet we have a billion dollars thrown at healthcare.gov and it's still dysfunctional, i mean, what better opportunity for republicans? so i'm not saying that there is
going to be a sea change, but my goodness, stuart, i mean, if republicans were smart, they would go ahead and seize this opportunity and talk to young people directly, because we know that in the last two election cycles young people were trumpettal for democrats -- instrumental for democrats. stuart: i want to run something by you. snapchat, okay? you though what that is, and you know what that is, right? you get a message or a picture, and it disappears in ten seconds. got it. the ceo of snapchat says 70% of its users are women. do you, jason mattera, have any eczema nation for that? >> -- exla that nation for that? >> >> i have never used snap chat. i am told it is a tool for sexting, stuart. [laughter] i am not a sexting expert, so it is inexplicable to me, i am ignorant of the fact why 70% of the users are females.
stuart: total honesty. >> you're talking to the newly-married jason mattera. [laughter] stuart: the very smart. >> no need for sexting in my life. stuart: okay. jason, a quick question for you, what is the capital of canada? [laughter] >> ottawa! be. stuart: very good. hold on a second. i want to explain why i asked. turns out kids at harvard -- arguably a prestigious college -- they don't know. listen to their responses when they were asked that question. >> um, this is really bad. that's really bad that i don't know. is it toronto? >> i haven't -- i don't know. i'm sorry. i'm sorry, canada. >> ontario. >> ontario. >> oh, my god, vancouver? stuart suiter so -- [laughter] what do you make of that? >> i'm going to cut them some slack, stuart. i mean, they're probably very fluent in -- it's harvard, so
probably very fluent in black lesbian feminist studies on the campus but, you know, when we're talking about territories and geographies and cities, it escapes them. stuart: you're getting very edgy there, young man. [laughter] >> hey. weren't we just talking about snap chat and sexting? stuart: i changed the subject on you quite well, i thought. [laughter] jason ma pa terra, come again soon. >> thank you. stuart: a new poll from gallup finds 56% do not think it is the government's job to provide health care. that number up from 28% five years ago. oh, how times have changed. let's bring in reason magazine editor-in-chief matt mat welch for more on this. that is quite a switch. >> it's amazing. americans will always, you know, theoretically support policy outcomes. if you can make the flowers bloom in the morning, will you support that, yes. but when they see what has to happen in order to have the government respond, the sausage making, the lying, the
deliberate misleading and just the outcomes of the policy, they run screaming for the hills and rightly so. stuart: we just dealt with jason mattera about the youth vote and the possibility of a real change in the direction of the youth vote because of obamacare. do you think there's a similar possibility of a big switch this voting patterns overall because people are no longer enm mored with government? is that kind of big switch possible? and. >> it is possible. whether or not the republicans take advantage of it is another question entirely. they have a tendency to shoot themselves in the foot. the big moving number here is independents, as it always is in american politics. 24% of independents said we're opposed to having the government be responsible for people's health care as recently as 2007. it's now 55%. that's not going away, right? so that trend is going there. and also democrats are moving on this a little bit too. in 2006 just 10% were opposed to that, now it's 30%, and a lot of that movement is recent. so there's a lot of, you know,
democrats need democrats to win elections, and they certainly need independents right now, so there's going to be a lot of pressure on obama to adapt to that, to make it safer for 2014 democrats. stuart: but you're a libertarian. you're a third party guy. you're going to get right in the middle, split the vote and give the election to -- >> well, i'm a small l who doesn't belong to the libertarian party. independents in general, they will go to whoever is addressing the concerns that are of interest to them. so if there's going to be somebody running in a very serious way about health care and obamacare and dealing with it and also dealing with the economy, then they're going to get a lot of libertarian and independent support. stuart: we hear you. mat welch, thank you for being with us. we have some breaking news from capitol hill. it involves senator harry reid and the be nuclear option. translation, he's trying to change the filibuster rule. peter barnes is in washington. what's the significance of what's happening here, peter? >> reporter: well, stuart, if if senator reid decides to do
this today -- and there are reports that he may -- it would eliminate the filibuster option on nominees of the president for key positions. in this case, senator reid is frustrated that republicans have blocked with their right to filibuster several judicial nominations and the president's nominee to run the regulator of fannie mae and freddie mac recently. right now under the longstanding rules of the senate, the minority party can block the nomination with just 60 -- that requires 60 votes to overcome that point of order, that procedural move. senator reid now says that he wants to eliminate that. it's a big risk for him, too, because as you know, control of the senate changes hands s and everybody knows that. so republicans are warning him if you do this, fine. but don't be surprised that in
the future we won't, we're going to keep that rule in place and eliminate the right of the democrats when they're in the minority to block confirmations. stuart: it is a very high stakes game, isn't it? >> reporter: very high stakes. stuart: peter, thank you very much, indeed. the dow is now up 73, 74 points, edging back to 16,000. and we have amazon starting its black friday deals on sunday, giving retailers like best buy kind of a run for t money. can brick and mortar bounce back? be after the break, a senior executive from best buy makes the case for bricks and mortar against those online guys. ♪ ♪ americans take care of business.
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some money wit a company finish. >> actually, it's an ecf, a master limited partnership for our more conservative viewers, people who are worried about the bubble talk. this is something you can buy. it's -- stuart: i've got to get to grips with this. it is an etf. it is a basket of stocks. >> right. stuart: for conservative investors. >> right. stuart: you buy a share in this basket of stocks. >> absolutely. and in this particular basket they have a special tax treatment. there's certain areas, real estate, natural resources and commodities. so if you like the oil and gas industry, for instance, this is a play on that with a special tax treatment. yield right now is about 5.9%. stuart: and you get that, you get the yield, it comes to you in the an etf. what was that? >> 5.9%. not bad. stuart: is that secure? >> this is very, very secure. stuart: the dividend? >> the dividend is secure. by the way, mlps have to pay
out for this tax treatment. they must pay it out. you know when you buy a normal stock, the money is taxed twice. the corporation's taxed and you get the dividends tax. with mlps, it's taxed once, and that's why it's pretty attractive to people who are pretty well heeled. stuart: amlp. got it? i like that 5.9% dividend. [laughter] be all right. it is called showrooming. and you know you do it. i think some of you do it. you shop for something in a store, then you hunt for a lower price online using your smartphone, for example. so why do the brick and mortar stores even bother anymore? here he is, chris cola, he is vice president with best buy, and he's going to defend bricks and mortar against the guys who go around with these things and get a better price in your store and buy it online. what are you going to do about them this. >> we're going to invite them into our ultimate showroom. best buy is the ultimate showroom because you can and try these devices, and you can buy
them from us, you can buy them from our store, online, and we have the same prices. so we either have the same price at the start, or we'll match their prices. stuart: i can can get an app for my brand think iphone 4s, and i think it's hooked up to amazon so i can walk into a best buy, and i see whatever it is, i can run this thing through the bar code, and it'll tell me if i can get it cheaper on amazon. how are you going to compete with that? >> we'll match it. stuart: so i say, look here, you give me this price? >> that's right. stuart: on everything? >> virtually everything. stuart: virtually everything. [laughter] what does that mean? >> you have to be an authorized dealer. but as long as it's an authorized dealer and it's a real comparison, we'll match it. stuart: okay. >> that's helped you guys a lot, and your stock has come back from the brink, but there's also a convenience factor what's the idea, and i read or heard you guys are thinking about same-day delivery, you know? because this is -- it's still
sort of annoying to slug through the snow to get to your store when you can still get online and people will obviously go to amazon first, that same-day delivery, that kind of stuff is intriguing. >> well, we have the in-store pickup, so people can go to our web site and decide to pick it up in store, and they can do it in a very short period of time, same day. nobody can offer that -- >> you guys have the geek vans, right? >> we do. >> i would think you could deliver this -- stuart: you've still got the geek squad? >> yes, we do. stuart: do they actually deliver to your house the same day? >> just what they install, for example. so if they installed a television, they'd -- stuart: you've got the new xbox tomorrow this. >> yes. stuart: big deal? >> our customers are lined up outside of our stores now for our midnight opening. about 900 stores will have midnight openings where they can pick it up right then. stuart: there's no price competition on that. >> no, same price.
stuart: 400, i think? $500. >> 500. stuart: do you think this is a huge seller? >> customers are really excited about it. we'll be delivering starting tonight at midnight, and they're very excited. we have the games, controllers and everything else that goes with it. plus the big screen tvs, the surround sound, the networking equipment you need so, really, best buy's the ultimate gaming -- stuart: you saved the commercial until the last 20 seconds. >> thanks for having he. stuart: the europeans hate it, so does the whole food yuppie crowd genetically-modified food? you get this? without it, millions could starve? we've got a yes net chi-hadfied seed guy on with us momentarity. ♪ ♪ hi honey, did you get e toaster cozy?
right now at 72. and we've got strong profit, decent outlook from williams sonoma, that stock's up 5.5% at 589. 58. you just say the words genetically-modified food, and you are bound to hear very strong opinions. one of the companies in that line of business went public this morning, ever gene. joining us now is the company's chairman at the new york stock exchange. sir, a lot of people are really intensely opposed to genetically-modified food and seeds, in your case. monsanto is in that line of business, it is the bogeyman around the world. what is the argument that you use when you run up against opposition like that? what do you tell them? >> well, first, i think there's an enormous amount of misunderstanding with respect to this whole area. genetic modification is a technology, and it's a technology that thousand is widely understood -- now is
widely understood. the fact that we can do genetic modification, it doesn't make us special at all. anybody could set up a company to do genetic modification by hiring a few ph.d.s with training from a university. stuart: sir, are you the largest genetically-modified seed company in the world? >> no. we are a science-based company, and yes net modification is one of the technologies that we use in order to utilize our scientific understanding to improve the product evident of plants -- productivity of plants. but there are many other technologies as well. as a matter of fact, the major user of genetic modification is evolution. every time you eat a banana, you are eating a genetically-modified food. not modified from the standpoint of, you know, moving one gene to
another, from one plant to another, but from the standpoint of breeding and modifying the characteristics of the plant over time. stuart: okay. you went public today. >> yes. stuart: why today? what's involved in the timing here? >> we have spent, first, our scientific phase. as i said, our company is science based which is very different than technology based. and for about a decade it took us to build the science, build the technology that is, that utilizes this science, enter into arrangements with most of the leading seed companies this the world, develop all of our infrastructure, and we now have proven that we can do something that i would assume others cannot doment. stuart: okay. >> and the reason that we are
going now is to get the resources that we need to fully leverage the very unique capabilities we have -- stuart: okay. well, you've done well. i've got to run. >> great, thank you. stuart: your stock's up on day one, and it is even, evo item gene. >> thank you very much. stuart: appreciate it. dow still up 62 points, 15,963. that's where we are right now. this, north dakota's economy booming. the reason? fracking. no thanks to president obama and the federal government. well, now that itive americans -- native americans want a piece of the fracking action. we talk to a chief of one of those tribes who wants a piece of it, after this. ♪ ♪
you really love, what would you do? ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪
became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorsw. from td ameritrade. stuart: some drama shaping up on the see floor over the nomination of janet yellen to chair the federal reserve. she passed the senate banking committee by a vote of 4-8. 14-8. senator rand paul says he will still filibuster her, and at
precisely the same moment, senator harry reid is considering changing the filibuster rule which would stop a filibuster when it's applied to a leading nominee for a significant position in the government. so there's a clash. it's being set up, and it's happening right now. you're looking at it. the theme of the show today has been, thus far, "the wall street journal"'s dan henninger and what he wrote this morning. one of the president's sharpest critics, he says the problems with obamacare pale in comparison to our state of our economy. sandra smith is with us. all right, is dan henninger right when he says that the economy is worse than obamacare? what's your opinion? >> reporter: absolutely. you knoo, that's a lot of the talk amongst traders that i hear, is that the rest of the world is viewing us as very weak right now. and while the spotlight be on obamacare, looking at a very weak u.s. economy to the point
where other parts of the world are having to warn on our economies because of how weak we are. at the end of the day, unemployment's still high. we're five years after this financial crisis, and a lot of the economic numbers we see including the unemployment rate in this country are still very bad. so while he's saying that obamacare is a flop and it's causing mayhem in this country, it's still the economy that's the biggest problem and the lack of jobs that have been created since we've been under the rule of president obama. so i think the point is well taken, one that maybe you and i haven't dismissed, but maybe it's been brought out of the spotlight because everybody's talking about obamacare. the economy is still struggling. stuart: yeah, well said. henninger says obama's biggest failure is that he hobbled the u.s. economy. i think you're in agreement. making a big splash this morning, this particular article. sandra, thanks very much, indeed. we'll see you again soon. to north dakota. we have red-tipped arrow with us, he is the chairman of three
affiliated tribes in north dakota. sitting with him is chris faulkner, ceo of brightling energy. as i understand it, your land, sir, has got a large amount of oil reserves, you're going to go after it aggressively, is that correct? >> yes, yes, we are. it's really an important part of our development of our minerals and our natural resources. we just have been blessed to sit on top of the balkan oil formation, and oil was discovered here on these badlands in north dakota in 2007, and so now we have 850 oil wells and growing. stuart: so can you tell me how much oil you can extract and how much money is going to flow into the tribes that you represent? >> we think we're going to probably go from about 850 to approximately 3,000 oil wells.
and with the 850 we have just under 200,000 barrels of crude producing daily. the country of syria produces 100,000 barrels, so we're almost double that country there. so we're the number one producing oil and gas tribe in the u.s., and there's 566 federally-recognized tribes. and so, and it's because of the balkan shale, and it's because of, you know, the horizontal drilling and those technologies are able to extract this amount of high quality sweet crude from the balkan shale. stuart: are you getting any pushback from environmentalists who say that you're going to pollute the water supply or you're going to bring in a lot of noise and, you know, environmentally-dangerous things? >> yeah. there always continues to be that. you know, we're going to have, be the first refinery, we're going to have the first retinely since 976 -- refinery since 1976 built on our reservation.
and we have environmentalists or continue to have those that say it's going to destroy mother earth or destroy grandfather river, and once you understand and educate yourselves about the fracking, this occurs, you know, 10,000 feet, two miles further below the water aquifer. it's a safe technology. all of our oil wells, 850, are 100% fracked. and we test our water. stuart: okay. >> and no especially ins, no contamination, and you just provide that information to your community members and the public, and they feel good. stuart: okay, sir. chief red tipped arrow and chris faulkner, i've got to move away for a second because i've got to -- senator harry reid on the floor of the united states senate talking about the nuclear option. specifically, senator reid is talking about narrowing the ability to filibuster a nominee for a senior position in the federal government. he wants to change the filibuster rules so that senior
positions, senior people who are nominated more position cannot -- for position cannot be filibustered. change the rules of the senate in that particular area. the drama is occurring because janet yellen has just been -- has just passed the senate banking committee by a vote of 14-8 that she will be the next chair of the federal reserve. senator rand paul says he is going to filibuster. senator reid is saying right now, watch out, we may invoke the nuclear option and not be allow you to do this. charles payne is with me. i have no doubt that janet yellen is the next chair of the federal reserve. but this changing of the rules on filibuster, that's a big deal. >> it's a huge, gigantic deal, and it could backfire bigtime. you know, it's interesting for a party that talks about the rights of so-called minority, it doesn't -- they don't want it to apply to politics. in this case, you know, the
minority party that has the least amount of power. but, obviously, it's been voted in by americans that are going to represent their point of view. there was a reason it was in place, to try to balance out the power at least, you know, the use of power. they've got to be careful. if this is a road reid wants to go down, he may regret it after the midterm election. stuart: we're listening carefully to what he's saying. tell me again exactly the wording there. what did he just say moments ago? a change has to be made. okay. okay. he says that half of the filibusters that have occurred throughout history have happened under president obama. he says the change has to be made. but let's be clear here, this is not the ending of all filibusters, charles. >> right. stuart: this is just the filly busterring of nominees to senior federal positions. >> those are positions that carry a lot of weight, a lot of influence, and today last a long
time. listen, the president was able to ram through his signature accomplishment, this health care law -- if you want to call it an accomplishment. the notion that he should have it his way all the time, it's baffling to me. stuart: rich edson is standing by observing this debate. rich, come in, please, because i want to know is senator reid saying we are going to limit the filibuster ross? is he actually doing it or just talking about it? >> reporter: well, that's the threat that's in place right now, stuart. we don't know. there was some speculation he might do it back in july, some speculation now he'll do it, and we're hearing from aides that he may do so this morning. we're not sure if he will, if he'll limit it just to judicial nominees or certain nominees by the president of the united states, so we're not quite sure which way he's going down right now. he's talking about iran sanctions, and we're not sure where he's going to go or whether he'll do so this afternoon. stuart: but with, rich, is he responding specifically to the threat by senator rand paul to
filibuster janet yellen? >> reporter: it's not specifically just about that. it's mostly been about judicial nominees at the democrats have said republicans have been holding up for president obama for way too long. we have had a round of these votes in a way to try to get these nominees out of the senate. republicans have continued to filibuster, so this has culminated in the moment we expect could happen soon on the senate floor which would be for reid to exercise that option. stuart: okay. rich, thank you very much. back to you, charles. there is no doubt this your mind that janet yellen will be the chair of the federal reserve. >> no doubt in my mind. stuart: there's no impact on the market by a filibuster or a change in the filibuster rules? >> well, a change in the filly buster rules just experiod yates her getting through. that won't hurt the market. if it stalls for an extended period of time, even a filibuster, you know -- it would be mostly symbolic, and i think it won't even necessarily be a symbolic gesture against janet yellen, but the very existence
of the federal reserve which i think a lot of fans of rand paul would expect. stuart: peter barnes is with us in washington observing this debate. peter, if you narrow the ability to filibuster and you change the rules in this way, is this a big -- i'm not going to say constitutional deal, is this a big change in kind of parliamentary rules, the way the senate operates? is it a big deal, peter? >> reporter: yeah, it is a big deal. but i'm just reading a memo right now from the democrats on this issue and, in fact, they say that the senate has done these temporary changes in the rules 18 times since 1977, an average of once a year on specific, for specific issues and specific legislation. so they're arguing that, hey, we can do this, we have done it in the past, it's not that controversial. but what really is going on now here is we have senator reid on the floor making his case, but
we also saw him conferring with the republican leader, mitch mcconnell, just before he started making his remarks. and in july they actually were with able to hammer out a deal to allow votes on some of the president's nominations. so that could happen as well. stuart: okay. but that dials it down a notch. it's not quite the huge revolution in filibuster rules that i thought maybe -- dialed it back a little bit. >> reporter: yeah. we'll hear from mcconnell in a little bit, so we're monitoring his remarks as well. stuart: peter and rich, thanks very much, indeed. charles and i expect janet yellen to be the care of the fed. >> and i think the street does as well. stuart: the dow is up 80 points because -- i'm not going to say almost for sure, but very likely janet yellen will be the next ben bernanke. speaking of washington, the obamacare web site, total failure. even president obama admits the government cannot build a web site, so why do big retailers like amazon and apple have no
problem doing it whatsoever? bill curtis, chief scientist at -- [inaudible] joins "the company." hi, bill. >> hi, stuart. stuart: what is the government doing wrong with healthcare.gov? >> well, one, they started out with trying to do too much in too short a time. they didn't have time to adequately test it, they kept changing requirements and adding things up until the very end, and that's just typically a recipe for disaster. stuart: but, bill, wasn't that because of the intrusion of politics? government dances to a political drummer. private enterprise, the amazons of this world, similarly want to get the job done and make some money. and there's a total difference between the two. >> well, true enough. but we've seen, you know, you've seen big disasters in commercial industry as well. typically, when we see these big problems -- and i've been in one of the disasters myself -- you can typically trace the cascade of problems back to a few decisions at the top. and, again, they typically involve trying to do too much in too short a time and not leaving
the technical folks with enough time to test the system before it goes live. stuart: from what you've seen so far, what we all know so far, do you think this thing, the government thing, is fixable? >> well, they're slowly -- i mean, we looked at the web site again last night, and they have made changes, they have made it a bit faster, but now people are getting further into the system and running into a whole new set of problems, and that's typically the way this works. you clean up one piece, that exposes another part of the system, and you try to fix those problems as you watch into them. how long it will take, it all depends on how many problems they've got to solve, and we don't have access to all of those -- stuart: give us your judgment. from what we've seen so far, you don't think, do you, that by november the 30th this thing is up and running perfectly, seamlessly? >> well, mr. chao admitted they don't have the payment part of the system built yet, so can you imagine going on amazon and loading up your cart with things you want to purchase for the holidays, then pushing the checkout button and being told, sorry, we don't have the payment system ready.
no, i don't think they'll have it ready by november 30 beth, because they already admit they're still building part of the system. this thing will roll out in waves, and when that final wave gets there, you'll have to ask them, but it's not going to be there november 30th. stuart: in your judgment, what's the best retail web site? i'm thinking of amazon. people often tell me that thaipg is totally seamless and the best thing they've online shopped on. what's your judgment? >> and i -- i'm not in the position to tell you who i think is best. i do think they're very good, there are many very good web sites i have good experiences with. amazon's been will there a lot longer than most and, therefore, they've had a lot of history. history's critical. they're able to hire very talented people, more importantly, they retain very talented people. that's a problem with government contracting, is the amount of turnover means you're constantly having to refresh knowledge and you're never able to sustain the level of knowledge that an amazon would have about building and maintaining these web sites and dealing with sudden spikes in traffic. but even amazon, they're having
to deal now with the fact that more and more people are buying off -- as you showed earlier in the show -- that they're buying off their cell phone. that's different than when they used to buy off their desktop at home. stuart: yeah, but you can do it. >> yeah, they can do it. they have talented people. and they have discipline. the discipline is that we will freeze the code at least a month and maybe longer before thanksgiving so that we have adequate time to test it, meaning no changes. we're going to test the thing and make sure it's rock solid before we go live with it. that didn't happen with obamacare. stuart: no, it did not, even though they had three and a half years. thank you, bill curtis. >> bye-bye. stuart: a lot of bubble chatter this week. charles is not buying it, and we've got a report on one particular sector that we aeroa lot about, 3-d printing. it kind of tells the story about technology bubble or not. tell us about report on 3-d. >> yeah. this is -- well, it's something of a fun story unless you were holding some of these stocks yesterday.
citron research comes out with a report, and it's titled v jet is a total f-ing joke. the stock promptly plummets. the recent high was 70. today it hit 32. stuart: whoa. >> down another 13% today. it took the rest of the 3-d printers with them. ddd, which is 84 recently, hit 68 this morning, that's turning around. so is stratus which really has the best fundamentals in the whole space. stratus is 113, now it's 116 on the screen. but the entire group was crushed dramatically. now, a couple things with this. number one, in a euphoric atmosphere when investors are just so they don't care, they're buying, this kind of report wouldn't have had a dent. you know, i can remember when everyone lost their souls in the late 1999, early 2000 because if you sold a stock and it went down five points, the next day it was up 20. and it was crazy. no one sold for no everyone got involved in that.
we're not anywhere near that. this sort of underscores this yesterday with a real hot sector that this one firm comes out with sort of a sophomore kind of take on this thing, but it crushed an entire group. stuart: yeah. 3-d, we've covered it a lot on the show. >> yeah, yeah. stuart: it's been fascinating. >> remember, we take profits on ddd. now i'm salivating. i kind of wish i'd gotten in on that. i think this report is going to create a couple buying opportunities, but it underscores the frightened nature of irs. they're not giddy like a lot of people are saying. stuart: we have mcdonald's who's got tips for its own workers. take a vacation to ease your stress. and if you're in debt, sell your christmas gifts. charles responds to that as well, next. [laughter] @??
>> coming up on lou dobbs tonight, congressman be corey gardener on the obamacare wreck, his own canceled information and an administration that appears incapable of creating jobs or, for that matter, a web site. join us, lou dobbs tonight, 7 eastern. stuart: and and here's news just breaking now, senator harry reid has indeed just proposed to limit the filibuster, limit it so you cannot filibuster a senior federal official nominee.
on the screen now is senator mitch mcconnell, leader of the republicans in the senate. he's saying, as we speak, he's saying senator reid is only changing the rules to divert attention away from the disaster called obamacare. be this is happening now. and we're going to check out mcdonald's. their personal wellness web site for their own employees encouraging those employees to stay healthy and take a vacation. many employees are saying we can't afford to do that because of low wages. the web site also says if you're in debt, sell your christmas gifts to pay off the debt? charles, unusual suggestions, to say the least, and do you think that mcdonald's is now the target of the left. >>? >> well, they have been the target of the left. stuart: yeah, they have. >> the minimum wage thing. here's the thing, it says taking time off work has been shown to redeuce stress and the risk of heart disease. that's not necessarily the same as a vacation. in other words, taking time
off -- what they're arguing is that they don't do paid vacations and things like that. and here's the problem i have with this, they use an example in one article i'm reading, jeanette lynn, 26 years old. she works at mcdonald's, she has no paid vacation, holidays or sick day, but she works less than 20 hours a week to begin with. she's having a hard time supporting her three sons on this wage. at what point -- so if she had a fourth kid, is mcdonald's responsible for her having children? are today so invested in their employees that they, you know, when do we have this line -- by the way, it's called accountability. the same thing with debt. if you are not making a lot of money, you shouldn't have a lot of christmas gifts. when i started my business, my first christmas, i borrowed $500 for someone to buy gifts for my family, so i went into debt for $500. these are risks we take in life. you shouldn't have a lot of debt and a lot of christmas gifts if
you can't afford it. your kids shouldn't get nikes, you shouldn't smoke two packs of cigarettes, and you shouldn't have three kids if you can't afford them. stuart: spoken we motion. good stuff. all right. my iphone and your take on it, next. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade-proud to be ranked "best overall client experience." you can fill that box and pay one flat rate. i didn't know the coal thing was real. it's very real... david rivera. rivera, david. [ male announr ] fedex one rate. simple, flat rate shipping with the reliability of fedex.
and here's what you had to say about my transition from the blackberry to the iphone. and she says i love my blackberry, i got and android and now using the iphone and i will never purchase another type of phone. i refuse to turn in my blackberry, i can't stand the idea of putting my fingers on the screen. michele assures me you will get used to. add an item at ii can you will never be lost. bottom line i am learning to love it. what do you say? dagen: i still have my blackberry as well simply
because at&t -- one of those stories we will do coming up, printers so awful long live the ninth have to keep my blackberry just in case. thank you sell much, great job this morning as always. why shacking up is better than tying the knot if you want subsidies under obamacare. the health-care law's marriage penalty and what governor mike huckabee thinks about that. goldman sachs bullish on the stock market for the next couple days, a costly currency but gone bad. overweight pilots under the government's microsoft the microscope because of concern to sleep apnea. the judge at bias size of your neck. taking on wall might. a big twitter battle between ashton co-chair and the discount giant. connell mcshane coming up in this hour of markets now.